Aspire Home Finance implements AI to better customer service, operational efficiency


Aspire Home Finance Corporation (AHFCL), a subsidiary of Motilal Oswal Financial Services (MOFSL), has its approach aligned with the government’s initiative of “Housing for All.” The corporation works on the business philosophy of economic inclusion of Lower and Middle Income (LMI) Indian households by way of imparting them get entry to lengthy-term housing finance. AHFCL has serviced extra than 60,000 Indian households and has a presence in 125 places throughout 9 states. It employs extra than 1,200 people. Technology has been a key enabler for Aspire in imparting steady offerings that exceed the expectations of its massive purchaser base.

The sturdy IT team, headed by Tahir Shah, Vice President – Business IT, Aspire Home Finance Corporation, has helped the organization secure and strengthen its operations and scale up the commercial enterprise. Excerpts from interplay with Tahir Shah: Q: What possibilities do you foresee using AI for better enterprise offers In India’s home mortgage marketplace? Shah: In nowadays’s international, each commercial enterprise is focused on achieving efficiency, speed, and accuracy in phrases of presenting services to clients. Artificial Intelligence (AI) facilitates gain those parameters. The monetary offerings industry has seen an incredible impact of AI, including the home loan commercial enterprise section.

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There are many opportunities in store for the home loan enterprise in close to destiny leveraging AI. AI is crucial in presenting higher, faster, and green patron offerings in today’s surprisingly competitive domestic loan segment. AI performs an extensive position here. The technology allows in developing information of the customer before disbursing a mortgage. Another place where automation technologies make a massive difference nowadays is cybersecurity. Machine studying, as an example, has been drastically leveraged these days in preventing fraudulent monetary transactions. AI also provides us with insights in accomplishing out to the proper client at the proper time. That’s one crucial element for the enterprise boom nowadays.

Q: How have you ever followed this technology at Aspire? Shah: Motilal Oswal Financial Services has always been a pioneer in adopting new-age digital technology that would provide higher customer support and operational performance. AI is virtually a key cognizance area for us at Aspire. Some of our latest AI initiatives were primarily round chatbots and Robotic Process Automation (RPA). The ‘sensible chatbot’ that we deployed enables us to resolve client queries quickly and effectively, which presents a good client revel in addressing queries quickly and accurately. As one of the first users of RPA inside the home loan segment, we’ve witnessed a large increase in operational efficiency. We have automated banking tasks by using sensible software robots so that customers can get hold of reports and updates as quickly as possible in place of anticipating hours.

Q: Can you throw extra mild on the integration challenges around AI technologies? How did you prepare the legacy environment for the brand new generation? Shah: There have been some challenges to overcome before we may want to successfully enforce AI-primarily based solutions. One of the foremost demanding situations was to make some changes in the middle business applications so that the combination with the new generation might be smooth. The integration challenges have been generally because of outside elements. We carried out our expertise and area know-how to handle it. We are in the steady zest to look for a better generation that may bring about RoI, and due to that, legacy systems are not a lot of a hassle for us.

Q: Typically, a brand new technology may replace several vintage packages or infrastructure, a large cost issue. How became this addressed? Shah: We have a systematic assessment manner with a 360-degree method for assessing any new era. We have a dedicated technology research team that explicitly works on the identification of new technology. The transition journey from old to new may be very systematic, and we make certain appropriate RoI in such transitions very carefully.

Q: What are the ROIs on automation/AI technologies that are perceived to be pricey? Shah: As mentioned, we have an era research team that carefully evaluates the era of its RoI and its longevity. The area of interest technologies are decided on primarily based on a couple of criteria, and the price is not the most effective aspect aligned with it.